Monday, September 17, 2012

Monday Morning News:

“Walmart’s withdrawal from Gateway II shows that when New Yorkers join arms, even the world’s richest retailer is no match for them,” said Stephanie Yazgi, spokeswoman for Walmart Free NYC, in a statement

New York Times: Walmart Opts Out of City Mall After Labor Opposition.

Gothamist: Walmart won't be opening in Brooklyn, admits defeat.

WSJ: Brooklyn Walmart Deal Falls Apart.

Walmart's warehouse workers went on strike last week in California.

Another food manufacturer is moving to the Bronx, with Fresh Direct.

Crain's NY Business has released an update on the potential suitors for Food Emporium, citing some familiar names as potential buyers.  Mentioned were Christian Haub (former CEO A&P), Castimatidis (Gristedes), Whole Foods & Trader Joe's.  

What's at stake? Over 1,000 union jobs.

John Durso, president of Local 338, which represents 14 of the Food Emporium stores: "It is disappointing that the company put up one of its best assets for sale, but we will work with the successful bidder as long as it respects our collective bargaining agreement."
We'll be constantly updating our blog and members on any breaking news or developments during the sale process of Food Emporium.

Read more: http://www.crainsnewyork.com/article/20120916/RETAIL_APPAREL/309169978

Supermarket News also released an update on the sale, pricing the chain at anywhere from $100-150 million.

Faith Hope Consolo, chairman of retail leasing and sales for Prudential Douglas Elliman Real Estate, New York, described Food Emporium as having “exceptional” locations that could attract a range of uses. “This is Christmas come early for Trader Joe’s,” she said.

Read More: http://supermarketnews.com/aampp/ap-seeks-divest-nyc-chain-food-emporium#ixzz26jhamlpr

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